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Silver Wheaton Corp Enters Into Binding Term Sheet With Vale S.A's Subsidiary To Acquire Gold Streams From Salobo Mine

Tuesday, 5 Feb 2013 06:07pm EST 

Silver Wheaton Corp announced that it has entered into a binding term sheet to acquire from a subsidiary of Vale S.A. (Vale) an amount of gold equal to 25% of the life of mine gold production from its Salobo Mine, located in Brazil, as well as 70% of the gold production, for a 20-year term, from certain of its Sudbury Mines located in Canada. The Company will pay Vale total cash consideration of USD1.90 billion, plus 10 million Silver Wheaton warrants with a strike price of USD65 and a term of 10 years. USD1.33 billion will be paid for 25% of the gold production from Salobo, while USD570 million will be paid for 70% of the Sudbury gold production. In addition, Silver Wheaton will make ongoing payments of the lesser of USD400 (subject to a 1% annual inflation adjustment from 2016 for Salobo) and the prevailing market price, for each ounce of gold delivered under the agreement. Production will accrue retroactively to Silver Wheaton as of January 1, 2013. Silver Wheaton has entered into an agreement with Scotiabank and BMO Capital Markets as Joint Lead Arrangers and Co-Bookrunners securing a commitment to underwrite two new credit facilities: a USD1 billion revolving credit facility having a 5 year term; and a USD1.5 billion bridge financing facility having a 1 year term. These facilities will replace the existing USD400 million revolving credit facility. 

Company Quote

-0.66 -2.36%
21 Aug 2014